Wirehousee goals vs reality

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Jul 13, 2010 10:35 am

need to raise 1 mil in fee based assets next 6 months to kee job, just got licensed

not much of a natural network, and seminars are too time cosuming (setup etc), leaving cold calling as my only real chance

working a 8 to 8 mon to thurs and 8 to 6 fri, sat and sun to prep lists, product knowledge etc.

So i figure 48 pur calling hours per week,  my goal is 5 contacts/conversations per hour,,meaning 240 contacts per week , ,,not going to call home #s, since DNC means immediate dismissal if complaint made....figured start with business owners and execs not sure where else to look for prospects

anyone out there thinks this can work? or not work?where else can a rookie look for prospect?any help

Jul 13, 2010 10:50 am

Welcome to the industry get comfortable being used as an asset gatherer.

Jul 13, 2010 11:20 am

I have no prob with that, they pay me a decent salary and give me nice benefits, all they are asking is i carry my weight,,,any advise, does it sound achievable given what i've written above????

Jul 13, 2010 11:45 am

I just started myself. What areas are you targeting, or are you just calling anyone?

Jul 13, 2010 11:48 am

calling everywhere until i get a feel for whats what,,,

where are you targeting?

Jul 13, 2010 11:54 am

All over right now. I've been trying funeral homes for the most part.

Jul 13, 2010 11:56 am

wow really hows it going?

Jul 13, 2010 11:58 am

Well I've gotten a few warm leads, but most of the time the owners are out or with a family.

Jul 13, 2010 12:27 pm

How many dials are you guys making per day?

Jul 13, 2010 12:33 pm

75 to 100, why?

Jul 13, 2010 12:59 pm

It's not enough..

Jul 13, 2010 1:04 pm

If you actually call for 48 hours (which is highly unlikely) you will not only make your goal, you will CRUSH it.  I am being serious when I say that., but please clarify.  Is your only goal to dial and set up appointments for the big game hunters?  Or, are you tasked with dialing, setting appointments, meeting with prospects and closing them as well? 

Figure, 40 to 60 dials per hour and the numbers quickly add up.  I average 50 dials per hour and an hour for me is roughly 45 minutes of dialing and a 15 minute goof off break to clear my mind.   My contact rate has definitely gone done in the summer months though because people are on vacation or whatever.  Five or six of these call blocks per day has my pipeline overflowing and "a million in 6 months" was accomplished pretty quickly.  No friends and no family money either.  All money came from complete strangers so it can be done if you are willing to put in the sweat equity...and not stop. 

There are tons of cold call experts on this forum and you should Search their posts.  Lots of good information is in the archives.  Good luck!

BTW, 75-100 per day won't cut as mentioned above. 

Jul 13, 2010 1:07 pm

TenToes-  I'm calling for myself to build a book. I work in a firm that deals in bonds mainly. What were you offering or how did you start the call off?

Jul 13, 2010 1:27 pm

It would be better to call 25 people with money each day, than call 250 of gawd knows what.

Before going indy, I worked at a big bank, had about 1100 households. Every time an ACAT went out, it was the same old thing. Some well meaning ed jones guy, being nice enough to take an itty bitty household from me.

Here is a good stat for you. When I had 250 hhlds over 100k, I found that only 3% had started with less than 50k. 

AGAIN, make for darn sure you only call people that have a minimum of 250k liquid.

Jul 13, 2010 1:35 pm

Big, how do you get that info?

Jul 13, 2010 2:00 pm

I would like to know how you only call people that have a minimum of $250k liquid as well!  LOL!  While there are ways to qualify on a call once you get a prospect, you can only qualify so much before you actually make the call.  I can do certain screens to determine likelihood of a specific net worth, but knowing they are liquid isn't something that I have figured out.  And let's face it.  As a rookie, you are going to have to take some smaller households because you simply don't have the luxury or the time to wait for all of the plus $250k accounts.

If you are selling bonds, search for BondGuy's posts on this board.  I personally don't do a lot of individual bonds although many people in my firm do.  In fact a lady in my office who is a million dollar producer focuses   almost exclusively on bonds.  It can be done.  At any rate, one of BondGuy's script is something to the effect of "Mr Jones, we have been seeing a lot of tax free bonds in our inventory that are paying upwards of 4% which depending on your tax bracket, is the equivalent of a 7 percent CD at your bank.  This is a lot higher than the 1% or so we are seeing in the banks these days.  Tell me Mr Jones, does 4% to 5%  TAX FREE sound attractive to you?" 

Rinse and repeat 200+ times per day and you are set!

I am more of a financial planning/risk management and retirement income planning guy.  Those are my buckets so I prospect the type of clients that have those types of needs.  I would also take a look at Nick Murray's latest book The Game of Numbers and anything by Bill Good.  Both would be perfect for you in terms of mindset since you are just starting the grueling marathon that we refer to as prospecting!

Sharpen your knife, load your weapons, and bring plenty of rations.  But above all, have fun with it!

Jul 13, 2010 2:04 pm

Ten how many conversations do you get out of 50 dials per hour?

and ow many prospects does this produce per day?

Jul 13, 2010 2:37 pm

Funeral homes have always led to cold leads for me...

Jul 13, 2010 3:38 pm

The people making 150+ calls a day. Are you calling businesses or people? If your calling businesses are you calling everyone or certain types?

Jul 13, 2010 3:53 pm

Where do you work?